UPDATE: Canaccord Genuity Downgrades Acuity Brands to Hold on Valuation

In a report published on Monday, Canaccord Genuity analyst Jonathan Dorsheimer downgraded Acuity Brands

to a Hold rating and maintained a price target of $78.00. In the report, Canaccord Genuity noted, "Our model is already factoring in a reasonable amount of TAM expansion, share gains and the operational performance (leverage) described above, limiting further upside to numbers. With limited upside we do not see much more room for fundamental multiple expansion; however, we do recognize that". Acuity Brands closed on Monday at $84.40.